Looks like a three team deal is going down between the Cavs, Knicks, and Thunder. Here it is from a report from Yahoo Sports.
The Cleveland Cavaliers have reached an agreement in principle to acquire New York Knicks guards J.R. Smith and Iman Shumpert in a multi-team trade that also sends guard Dion Waiters to the Oklahoma City Thunder, league sources told Yahoo Sports.
Oklahoma City will give the Cavaliers a protected future first-round draft pick and send guard Lance Thomas to the Knicks, league sources said. As part of the trade, the Cavaliers will send rookie center Alex Kirk, forward Lou Amundson and a 2019 second-round pick to the Knicks, sources said.
The Thunder's pick to Cleveland is protected through No. 18 in 2015 and through No. 15 in 2016 and '17. Beyond that, it becomes two second-round picks.
For New York, the deal is a salary dump to clear cap space. The Knicks unload the $6.4 million owed to Smith next season, giving them approximately $28 million in salary-cap space this summer.
In the Cavaliers' search for a rim protector, they continue to pursue center Timofy Mozgov, but Denver remains reluctant to deal him, league sources told Yahoo.
A trade call with the league is expected to take place later Monday night after the Cavaliers', Knicks' and Thunder's games, sources said.